More delegation of foreign investment approval

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    clpstaff &clp articles

    Continuing trend of handing down control of smaller deals

    The Ministry of Commerce (Mofcom) has published three new pieces of guidance on the approval of foreign investments. The circulars continue the trend of delegation of approval authority to provincial authorities, particularly for enterprises with working capital of less than US$100 million.

    Two of the circulars cover the approval of newly-established foreign-invested enterprises, including companies limited by shares which fall into the Encouraged Category, as well as approval for subsequent capital increase or amendment to the joint venture contract of those enterprises.

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